01960 Property Tax Rate

Property owners in ZIP code 01960 (Peabody, Massachusetts) pay a median of $4,946/year in property taxes on homes valued at $566,700. This translates to an effective tax rate of 0.87%, which is 23% below the Massachusetts state average of 1.13%.

The monthly property tax burden for a median-valued home in 01960 is approximately $412, which factors into escrow payments on mortgages. This ZIP code is located within Essex County. This is $786 less than the Massachusetts average of $5,732/year.

Compared to similar ZIP codes in Massachusetts, 01960 has higher property taxes. ZIP codes with similar effective rates include 02532 (0.87%) and 02421 (0.87%).

In Peabody, property taxes represent approximately 5.2% of the median household income of $95,173, providing context for the relative tax burden on homeowners in this area.

Massachusetts Chapter 59 exemptions for seniors (65+), veterans, and surviving spouses reduce assessed value by $800–$3,000 in Essex County, offering substantial relief at effective rates above 1.2%. File your exemption claim with the Essex County Assessor by April 1 annually if you own and occupy your primary residence by that date. Essex County Assessor will require proof of residency, age/military service, and income—apply before April 1 following your purchase to secure the exemption on your next tax cycle.